Valley Physicians Services PC

“The organization received management services from two related organizations, valley physician services ny, p.c. And valley physician services, inc. Services provided included human resource management, marketing and other administrative services. The organization incurred expenses of $1,714,910 and $5,253,649 respectively for services from these related organizations.”

“The organization is a professional corporation with shareholders.”

“The following decisions of the organization are reserved to the board of valley physician services: strategic actions, which shall include, but not be limited to, new strategic plans, modifications of existing strategic plans or mission statements; major corporate decisions, which may potentially impact the philosophy of the valley system, which shall include, but not be limited to, joint ventures, corporate acquisitions, programmatic affilications, mergers or consolidations, conversion of the tax-exempt status, sale or transfer of substantially all of the assets of the corporation, or the dissolution of the corporation; any single expenditure greater than five percent (5%) of the annual operating budget of the corporation and amendments thereto; the election, appointment, replacement or removal of trustees of the corporation with or without cause; the selection of auditors; the appointment and removal of the president of the corporation (or the approval of any reccomendation of the vps board for removal); the adoption, amendment, revision or deletion of the corporation's bylaws and the creation or approval of any amendments, alterations or revisions to the corporation's certificate of incorporation; the adoption of the corporation's annual capital and operating budgets; major corporate decisions regarding the incurrence of debt in excess of five percent (5%) of the operating budget of the corporation (including capital and operating leases), and the transfer or loan of cash or the conveyance, lease or other disposition of other assets to an affiliate or subsidiary without receiving equivalent value in return. The approval of the purchase or sale of any real property by the corporation and the approval of the creation of a mortgage, lien, or any other security interests in the corporation's real or personal property; determinations of how any and all excess cash generated by the corporation will be spent; the cessation or any change in the corporation's provision of services to medicare and medicaid recipients and its provision of charity care services in accordance with charity care services in accordance with charity care policies established by the valley hospital.”

“The form 990 is prepared by an outside accounting firm. It is reviewed by management and the audit committee of valley health system. Any issues are addressed and resolved. A complete copy of the form 990 is made available to all members of the organization's governing body prior to filing.”

“The executive compensation committee of valley hospital will be responsible for approving the compensation of the president and other key executives of vps, p.c. The compensation for other physicians will be approved by the physician compensation committee of valley health system. Total compensation will be set based on information regarding compensation paid by similarly situated organizations for similar services, current compensation surveys completed by independent firms, or actual written offers from similarly situated organizations. The compensation is contemporaneously documented and the process was last undertaken in 2021.”

“Vps p.c makes its form 990, financial statements, conflict of interest policy, and governing documents available upon written request at 223 north van dien ave, ridgewood, nj 07450 or by calling the organization directly at 201-447-8000.”

“The finance committee is responsible for the selection of an independent accountant and for the oversight of the audit. This process has not changed from the prior year.”